Soybean futures drop further on weak global cues

Extending yesterday's fall, soybean prices dropped by another Rs 55 to Rs 2,992 per quintal in futures trading today as participants indulged in trimming their positions amid a weak trend in global markets.
At the National Commodity and Derivative Exchange, soybean for delivery in May dipped further by Rs 55 or 1.81 per cent to Rs 2,992 per quintal, with an open interest of 1,16,800 lots.
Soybean for delivery in far-month June also dropped by Rs 51 or 1.64 per cent to Rs 3,064 per quintal, having an open interest of 75,270 lots.
Marketmen attributed fall in soybean oil prices to persistent offloading of positions by participants amid a weak trend at the spot markets on subdued demand.

Besides, reports of subdued trend in t he international markets too continued to weigh on prices, they said.